Regulation News

John McAfee claims SEC allegations laid against him are exaggerated

TL;DR Breakdown 

  • McAfee explains how the SEC allegations laid against him are exaggerated.
  • John MCAfee says he never sold any coin, even when altcoins crashed.

John McAfee, a crypto heavyweight, who has been in line for trial has been charged by the United States Department of Justice with fresh crimes. However, through the social media application, Twitter, he explains how the SEC allegations laid against him are exaggerated.

John McAfee whose access to Twitter from prison is occasional has made a statement where he termed the SEC allegations as “exaggerated.”

He spoke of the criteria of choosing coins for promotion by him and his team on his Twitter page between 2017 and 2019. He claimed that every coin was evaluated using the management team of the coin, their business plans, and the foreseeable potentials of the coin. He cited that the crash of the altcoin market was not in sight at that time.

He added that he received payment in the coins he promoted at the time before the time of their crash, and not in the United States Dollar as speculated by many.

John MCAfee says he never sold any coin, even when altcoins crashed, adding that these coins were received as payments by him. The cryptocurrency promoted by McAfee was Docademic (MTC) which presently ranks at 1,320 on Coinmarketcap and trades at $0.002397.

The SEC allegations against McAfee

McAfee now faces fresh charges from the Federal government of the United States Department of Justice, according to reports.

He presently has to deal with money laundering, wire fraud, and securities fraud charges. The recent press release by the United States Department Of Justice states the two types of schemes McAfee used to exercise fraud.

The first was related to him pumping and dumping coins on his account on Twitter. The second being the promotion of coin offering rewarded by compensation paid from unknown sources in the coins mentioned. It is believed that the SEC allegations against McAfee are exaggerated because of the possibility of him being extradited finally.

This post was last modified on March 8, 2021 7:20 am

UC Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He joins the team to contribute his insights with precision.

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